295/50R15 is 1.18" taller than 265/50R15, a +4.64% change in diameter. That is more than the 3% many tire shops use as a limit, so plan on recalibrating the speedometer and checking ABS and stability control.
Ground clearance changes by 0.59" (half the diameter change), and the tire needs 0.59" more room above it.
295/50R15 is 1.18" wider. On the same wheel offset about half of that, 0.59", moves toward the suspension and half toward the fender.
Both fit a 15" wheel; the sidewall is 0.59" taller on 295/50R15.
Details: 265/50R15 in inches · 295/50R15 in inches · change sizes in the calculator